Wanted: $500M in funding for 1 West End Avenue

Syndicate led by Wells Fargo, Bank of America to provide $100M for Silverstein, Elad

TRD New York /
Oct.October 08, 2014 02:05 PM

Silverstein Properties and the Elad Group, developers of the 366-unit residential project at 1 West End Avenue, are seeking $500 million in consortium funds that would likely replace the project’s acquisition and predevelopment financing.

The majority of the funding will come from a syndicate led by Wells Fargo and Bank of America — both of whom participated in the original purchase of the land from the Carlyle Group — with Wells Fargo taking on about $100 million of the loan, the New York Observer reported. The meeting regarding the new financing for the project was held Tuesday morning.

The project, which will likely have 250 market-rate condos and 116 affordable units, is particularly attractive to the banks due to the low cost per square foot paid by Silverstein and Elad, according to the Observer. Santander Bank, People’s United Bank and CIT Real Estate Finance are also said to be interested in the deal.

The 42-story Lincoln Square tower has come under some criticism for plans to include a so-called “poor door” — a separate entrance for residents of the affordable units. However, the city and Silverstein reached an agreement in August that will give affordable unit tenants access to the tower’s courtyard and roof deck. [NYO]Heather Grossmann


Related Articles

arrow_forward_ios
Silverstein Properties CEO Marty Burger and a microscopic view of Covid-19 (Credit: Ilya S. Savenok/Getty Images, CDC)

“We can’t be everybody’s bank”: Marty Burger on how Silverstein is working with tenants and his Covid-19 recovery

“We can’t be everybody’s bank”: Marty Burger on how Silverstein is working with tenants and his Covid-19 recovery
Silverstein Properties CEO Marty Burger (Photo by Ilya S. Savenok/Getty Images)

Silverstein’s Marty Burger recovers from coronavirus

Silverstein’s Marty Burger recovers from coronavirus
Tribeca neighbors locked in a protracted legal dispute over access to an alley, 5 Franklin Place, raise questions about city agencies’ actions after lobbying. (Credit: Google Maps, Wikipedia Commons, iStock)

In Tribeca, an alley fight for the ages

In Tribeca, an alley fight for the ages
Silverstein Properties' Tal Kerret, Dino Fusco, Marty Burger and 7 WTC (Credit: Joe Woolhead)

Former Goldman exec will be new COO at Silverstein Properties

Former Goldman exec will be new COO at Silverstein Properties
120 Broadway and Thornton Tomasetti’s Peter DiMaggio, Tom Scarangello and Michael Squarzini (Credit: Google Maps)

Thornton Tomasetti takes 100K sf at 120 Broadway

Thornton Tomasetti takes 100K sf at 120 Broadway
Moinian Group CEO Joseph Moinian, and a street view of the new Best Buy location (535 Fifth Avenue, at left) and the old one (529 Fifth Avenue, at right) 

Best Buy signs lease for new store at 535 Fifth

Best Buy signs lease for new store at 535 Fifth
Larry Silverstein (Credit: Getty Images, iStock)

Silverstein’s lending biz could get a boost from the weak luxury condo market

Silverstein’s lending biz could get a boost from the weak luxury condo market
Larry Silverstein and the Tel Aviv Stock Exchange (Credit: Getty Images)

Institutional investors swarm Silverstein’s new TASE bonds

Institutional investors swarm Silverstein’s new TASE bonds
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...